HSBC Private Clients Services Group was founded in 2002 and provided independent services to high net worth clients. It was also around this time that HSBC expanded further into the United States, which led to the formation of HSBC Finance, which would eventually become the second largest subprime mortgage lender in America. The 2000s saw the company expand across the world, acquiring large-scale assets such as Marks & Spencer Retail Financial Service Holding Ltd in 2004. It held out through the 2007-2010 recession, performing better than other large banks, that, in the period the current market conditions could bode well for the company and HSBC